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Chartered accountants, company secretaries and other such professionals are concerned about the growing compliance burden after the widened ambit of the Prevention of Money Laundering Act (PMLA).
While financial transactions carried out by practising CAs, CSs and cost management accountants were brought under the purview of the Act on May 3, the extension to include anyone who acts as a formation agent of companies or LLPs, a trustee of an express trust or nominee shareholder for another person is also now subject to PMLA provisions.
Professionals would have to undertake due diligence measures to verify the identities of their clients
